Standard & Poor's Rating Services said it has raised its rating on Philadelphia, Pa.'s revenue bonds, issued on behalf of Philadelphia Gas Works (PGW) under its 1975 (closed senior lien) and 1998 ordinances (subordinate working lien) to A-minus from BBB-plus.
The outlook is stable.
At the same time, Standard & Poor's raised its ratings on Philadelphia's eighth series C and E bonds to AAA/A-1 from AA-plus/A-1, and affirmed its AAA/A-1-plus rating on the eighth series B and D bonds, reflecting application of Standard & Poor's joint support criteria.
"The upgrade reflects our view of improving trends related to collections, coverage of fixed costs, liquidity and debt ratios for PGW, as well as the adoption of a number of credit supportive policies and procedures," said Standard & Poor's credit analyst Jeffrey Panger.
